India reduces windfall tax on crude petroleum to ₹8,400 tonne from May 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Narendra Modi government on Tuesday (April 30) reduced the windfall tax on domestically produced crude oil in the country.

The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to ₹8,400 per tonne from ₹9,600 a tonne, according to an official notification.

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The new rates are effective from May 1, 2024. However, the SAED on diesel, petrol and Aviation Turbine Fuel (ATF) will continue at nil.

India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow